Tabcorp's Third Quarter Sees Positive Momentum Swing in Wagering on Digital Growth

Tabcorp released a positive third-quarter fiscal 2014 trading update, reporting growth in total wagering revenue of 2.7% relative to the prior corresponding period, or pcp. This follows a 0.7% decline in the first half and a 4.8% decline in fiscal 2013. Positively, Tabcorp also saw a slowdown in the rate of turnover decline at retail outlets, down 0.6% albeit against a very weak pcp. Revenue through digital channels accelerated in the quarter from the first half, and up 20% against the pcp. Quarter fixed-odds revenue was also stronger, up 21.4% from against pcp, though, as expected, momentum is beginning to slow.